Chinese company in a standoff with Hong Kong regulators wants to shift focus to solar products for consumers and industry

HONG KONG—A Chinese solar technology company in a stand off with Hong Kong regulators said late on Friday that it will cut head count by more than a third as part of a restructuring.

Hanergy Thin Film Power Group Ltd., which makes solar-panel-making equipment, told the Hong Kong stock exchange it would “downsize” 2,000 employees as part of plans to shift focus to developing consumer and industrial solar-energy products. Hanergy...